The Philippines Chamber of Commerce and Industry (PCCI) has expressed its opposition to government plans to increase corporate income tax from 32% to 35%, saying that the result will be to harm the competitiveness of the country.
"Compared to other Asian countries, our existing 32% CIT is already the highest and if we continue to increase it, in effect, we will not only drive away existing foreign investments in the country but discourage the entry of more investments from coming into the country," said PCCI president Donald G. Dee.
"The increase may cause existing legitimate business enterprises to disappear from the view of the BIR (Bureau of Internal Revenue) and go underground just to escape this onerous tax burden, thus driving them to resort to outright tax evasion. Either way, the government stands to lose more from this proposed move instead of getting the tax revenues it seeks to collect," Dee added.
The PCCI also objected to a number of other clauses in the legislation before Parliament, including a requirement that would see publication of business taxpayers' names, and the repeal of sections in the Tax Code which protect taxpayers' privacy.
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